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KPMG's UK head to chair new markets watchdog

  • Britain has named top auditor John Griffith-Jones to head its new Financial Conduct Authority (FCA).

    Griffith-Jones currently chairs the UK operations of KPMG, known as one of the world's "Big Four" auditing firms.

    The FCA, along with the Prudential Regulation Authority, are two new watchdogs that have been created to replace the Financial Services Authority (FSA) as part of reforms to shake up supervision of banks and markets.

    Griffith-Jones will initially join the FSA board in September as a non-executive director and deputy chair.

    He will become non-executive chair of the FCA once the FSA is scrapped early next year.